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what happens if i pull out my house sale in Scotland
lainey8587
Posts: 2 Newbie
what would happen if i pulled out the sale of my flat.all missives are concluded and im due to sell on 18th May. The mortgage company have refused to extend the mortgage agreement we had in place and have now declined the new mortgage application (this whole process took the bank 8 WEEKS):mad:
we are waiting word back from another mortgage application but things are not looking great for us.I am now in a situation where my only other option is to rent a flat which is all we can afford due to rent prices.i obviouslly dont want to do that due to all the reasons that we want out of this flat in the first place. what would be the point moving out to a rented property and having all the same problems and paying more money it. we are so stressed. what would we need to pay if we do this.
lawyer advised to hang on and see what happens in the next couple of days.:(
we are waiting word back from another mortgage application but things are not looking great for us.I am now in a situation where my only other option is to rent a flat which is all we can afford due to rent prices.i obviouslly dont want to do that due to all the reasons that we want out of this flat in the first place. what would be the point moving out to a rented property and having all the same problems and paying more money it. we are so stressed. what would we need to pay if we do this.
lawyer advised to hang on and see what happens in the next couple of days.:(
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Take your solicitor's advice and keep in touch with them - it's what you're paying them for. As you've concluded missives, you are legally obliged to transfer your house to the buyers on the entry date. If you fail to do so, they're perfectly within their rights to sue for all their expenses associated with your failure. Removal costs, mortgage arrangement, alternative accommodation, etc.
FWIW, there was a case in the papers in the last year or so where a buyer concluded missives on a purchase from a developer, and didn't proceed - the developer sued and won the full purchase price in settlement - and still kept the house to resell to someone else. The buyer has apparently had to pay, but didn't get the house.0 -
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lainey8587 wrote: »The mortgage company have refused to extend the mortgage agreement we had in place and have now declined the new mortgage application (this whole process took the bank 8 WEEKS):mad:
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Can you be more specific?
Do you mean the mortgage company refused to extend a previously granted approval in principle for a new mortgage?
Or that they refused to port an existing mortgage to the new property? (which they are fully entitled to do, sadly)
Or something else?
Probably worth mentioning here that you should not even entertain buying or selling a house in Scotland unless you have a mortgage arrangement fully agreed with the bank.
And that if there is any doubt about this, you should ensure you advise your solicitor before proceeding, and take their advice regarding your options.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Can you be more specific?
Do you mean the mortgage company refused to extend a previously granted approval in principle for a new mortgage?
Or that they refused to port an existing mortgage to the new property? (which they are fully entitled to do, sadly)
Or something else?
Probably worth mentioning here that you should not even entertain buying or selling a house in Scotland unless you have a mortgage arrangement fully agreed with the bank.
And that if there is any doubt about this, you should ensure you advise your solicitor before proceeding, and take their advice regarding your options.
Yes it was because the original mortgage agreement was valid for 6 months but by the time we got a buyer and they agreed a moving in date. the original agreement was out of time and we applied for an extension on the 6 months like they advised us to do which they then declined.0 -
HAMISH_MCTAVISH wrote: »
Probably worth mentioning here that you should not even entertain buying or selling a house in Scotland unless you have a mortgage arrangement fully agreed with the bank.
This is not always possible. I moved a couple of months ago and my mortgage lender would not confirm that they would lend to me until I had put an offer in that had been accepted. Santander would not confirm either a mortgage offer or an amount that they would consider lending me until the offer was in and accepted.If you always do what you have always done, you will always get what you always got!0 -
FWIW, there was a case in the papers in the last year or so where a buyer concluded missives on a purchase from a developer, and didn't proceed - the developer sued and won the full purchase price in settlement - and still kept the house to resell to someone else. The buyer has apparently had to pay, but didn't get the house.
Are you quite sure the developers weren't holding onto the house pending payment? If the developers could in effect get double bubble, this case would have received much more attention.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Are you quite sure the developers weren't holding onto the house pending payment? If the developers could in effect get double bubble, this case would have received much more attention.
The court transcript, whilst laden with legalese, suggests, from the submissions for the defender, that "Where the pursuer retains title to the property he cannot seek decree for payment of the price", and subsequent reporting on other websites mentioned the judge's dismissal of this - the implication being that the pursuers, the developer, were awarded the full purchase price and retained the title to the property
If a learned friend has a different interpretation, I'll yield..... but from this layman's point of view....0 -
The court transcript, whilst laden with legalese, suggests, from the submissions for the defender, that "Where the pursuer retains title to the property he cannot seek decree for payment of the price", and subsequent reporting on other websites mentioned the judge's dismissal of this - the implication being that the pursuers, the developer, were awarded the full purchase price and retained the title to the property
If a learned friend has a different interpretation, I'll yield..... but from this layman's point of view....
Just sounds too good to be true. IYSWIM.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Just sounds too good to be true. IYSWIM.
..but the reason the buyer didn't complete was that he couldn't pay. So even if the developer were awarded the purchase price and expected to hold the flat until the buyer could afford it, how long should they do this? And why wasn't there any mention of them leaving it open to later payment?0 -
EDINBURGH, 28 February 2011
The Sheriff Principal, having resumed consideration of the cause sustains the appeal; recalls the sheriff's interlocutor complained of dated 19 August 2010 and the interlocutor of 6 September 2010; sustains the second plea-in-law for the defender and dismisses the action; finds the pursuers and respondents liable to the defender and appellant in the expenses of the action and remits the account thereof, when lodged to the Auditor of Court to tax and to report thereon; certifies the cause as suitable for the employment of junior counsel for the purposes of the appeal.
So it sounds like the developers lost resoundingly on appeal. http://www.scotcourts.gov.uk/opinions/A143_10.html
Different purchaser, but it sounds like the same case.No reliance should be placed on the above! Absolutely none, do you hear?0
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